NZ stocks: Market firms as top 50 index hovers near high

The sharemarket firmed in morning business today after the Reserve Bank, entirely as expected, left official interest rates unchanged at 5.0 per cent.

The NZSX-50 index was hovering a few points off its all-time high, up 3.60 points at 2220.37 just before noon. The NZSX-40 capital index was up 5.60 to 2145.40.

The impetus from Wall Street was again positive where stocks ended at fresh highs for the year.

Bullish brokerage calls in the US and better-than-expected August sales at Cisco Systems Inc. lifted technology shares.

The Dow Jones industrial average rose 45.19 points, or 0.5 per cent, to 9,568.46, the broader Standard & Poor's 500 Index rose 4.28 points to 1,026.27 and the technology-laced Nasdaq climbed 11.42 points, or 0.62 per cent, at 1,852.90.

Local turnover was moderate at $320 million with $9 million of that in market leader Telecom, which was up 4c at 5.09 despite news the Commerce Commission was expanding the scope of its investigation into local loop unbundling.

Home appliance, electronics and lingerie retailer Pacific Retail Group jumped 16c to 219 after news it had bought Powerhouse -- the third largest British specialist appliance retailer -- for £17.2 million ($48 million).

Chief executive Peter Halkett said PRG had been investigating investment opportunities in the UK appliance retail sector for some time.

Other retailers were mostly firm. The Warehouse, which reports its result tomorrow, was up 4c at 524 and Briscoe was up 2c at 177.

Sky City Leisure was down 6c to 113 and its parent Sky City Entertainment was down 7c to 874 on turnover worth $2.5 million.

Wespac NZ was down 8c to 1685, Auckland Airport was down 5c to Fisher & Paykel Healthcare fell 13c to 1205 on volume worth more than $2 million.

There were 31 rises and 17 falls among the 108 stocks traded.

- NZPA